First National Bank merger official

After 110 years as First National Bank, the company’s acquisition by Arkansas-based Bank of the Ozarks became official Thursday.

Matthew Tessnear / mtessnear@shelbystar.com

SHELBY – After 110 years as First National Bank, the company’s acquisition by Arkansas-based Bank of the Ozarks became official Thursday.

Bank of the Ozarks purchased 14 First National Bank offices and their property in a deal worth about $68.5 million and first announced Jan. 24, 2013.

Bank of the Ozarks issued more than 1.2 million shares of its common stock and about $8.4 million in cash for all outstanding shares of First National Bank common stock and about $3.8 million in cash representing the value of First National’s properties, according to a news release issued by the Little Rock-headquartered bank.

“We greatly look forward to a great future in North Carolina,” Bank of the Ozarks CEO George Gleason wrote in an email to The Star.

Helen Jeffords, who has worked more than 30 years with First National, has been named Foothills Market president for Bank of the Ozarks and will oversee the 14 former First National offices in Cleveland, Rutherford, Gaston and Lincoln counties.

“This is a historic day as we embrace both our rich heritage and our exciting future,” Jeffords said in a statement. “Our new signs, combining elements from the logos of both banks, honor our rich history and reflect our future with one of the strongest and most respected community banks in the country. Our staff is pleased to be joining the Bank of the Ozarks family, and our customers will be well-served.”

Customers of the former First National Bank will not see their account information – including checks, debit cards, loan information and online banking – change with the merger, Jeffords told The Star recently.

The bank deal’s impact on total employees of the former First National Bank is still unclear. Bank officials have previously told The Star those decisions would be made after the merger.

Earlier this month, more than 91 percent of First National shareholders approved the bank’s merger into Bank of the Ozarks.

First National has operated in Cleveland County since 1874, first known as J. Jenkins and Company at the corner of Lafayette and Warren streets.

The bank got its national charter and became First National Bank of Shelby in 1903.

About Bank of the Ozarks

* Including the 14 former First National locations, it operates 132 offices in North Carolina, Arkansas, Alabama, Florida, Georgia, New York and Texas.

* Maintains $4.04 billion in total assets, as of June 30, 2013.

* Its shares are traded on the NASDAQ Global Select Market on the symbol “OZRK.”

* Company CEO George Gleason has said the bank plans future expansion in North Carolina because of the state’s business-friendly climate. The bank has operated in nearby Charlotte for more than a decade and plans to open a new office in Cornelius in 2014.

* Bank of the Ozarks began in 1903 as a community bank in Jasper, Ark.

* For more information, visit www.bankozarks.com.

Source: Bank of the Ozarks

Check the stock in The Star

Bank of the Ozarks shares are traded on the NASDAQ Global Select Market on the symbol "OZRK."